It’s that time of year again. The snow melts and “Ice Out” is declared on the lakes. The weather starts to get warmer and more time is spent outdoors. The Sun seems to shine a little brighter, the birds start chirping, and flowers start blooming.
This is also the time of year that people do their Spring Cleaning. They’ll open up the windows of their homes to bring in the fresh air. They’ll scrub and clean from top to bottom to get rid of the last ruminants of being shut in all winter.
This is also the time of year for new beginnings and fresh starts.
“Spring Cleaning” not only applies to your home, but to your life. Some things to consider:
- Is your budget up to date?
~ Do you know where all the money you spend is going?
~ Can you make changes and cuts to help save?
- Is your Emergency Fund enough to cover 3-6 months’ worth of your most essential budget items? (i.e., Mortgage, Utility bills, Car payments, etc.)
- Is your Life Insurance coverage enough for your family’s needs?
~ Family dynamics change, as do Incomes and Expenses. Is the coverage you have enough to protect your family from crisis should something happen to you?
- Do you have Retirement accounts in several places?
~ Do you have an old 401(k) or two still sitting at a former employer and/or several IRA accounts scattered at different companies?
~ Did you know that you can consolidate all of these into one IRA account so there’s less accounts to track?
- Are your Beneficiary Designations up to date on all your insurance policies?
- Is your Will up to Date? Do you even have one?
- Are you maximizing Tax Deductions and Retirement Plan Contributions?
~ Do you know what the options are available to you?
Now is a great time to sit down and review your overall financial plan. It’s also a great time to review and make changes where they are needed. We at Kara Financial, LLC are happy to help you with this process and make sure you’re Financial Plan is in tip-top shape. Give us a call today to schedule an appointment!